Stock market adjusted downward by 3.5 pc

The bourses are adjusted downward with key indices shedding about 3.5 per cent in the week under review amid a host of positive factors.

The bourses were adjusted downward with key indices Sensex and the Nifty shedding about 3.5 per cent in the week under review amid a host of positive factors.

The much-needed correction came after the key driver Foreign Institutional Investors (FIIs) pulled out, albeit in a cautious manner from the top-heavy markets.

The Bombay Stock Exchange (BSE) barometer touched a high of 14,683.36 points but failed to cross 14,700 resistance in highly volatile trade as investors booked profits at every surge throughout the week.

Finally, the Sensex ended the week at 14,063.81, a net loss of 506.94 points from last weekend's close of 14,570.75.

Similarly, the broader S&P CNX Nifty of National Stock Exchange (NSE) tumbled by 152.05 points to close the week at 4,145.00 from previous weekend's close of 4,297.05.

The Nifty hit a new trading peak of 4,362.95 but failed to close above this crucial resistance level of 4,300.

The markets were on a strong ground with favourable factors including lower inflation, higher economic growth and forecast of good monsoon, according to market players, which also justified the correction as majority of frontline stocks looked overbought.